During the latest Brand Story episode recorded as part of the On Location series at HITRUST Collaborate 2024, host Sean Martin speaks with Ryan Griffin from McGill Partners about the intricacies of cyber insurance.
Ryan Griffin, who plays a key role at the cyber insurance brokerage firm McGill Partners, shares insights into the importance of cyber insurance for large and complex organizations. Griffin outlines how the company helps clients understand and quantify their cyber risks before negotiating with over 100 cyber insurers to secure coverage. This rigorous approach is crucial given the volatile nature of cyber risks.
One of the significant challenges in the field, Griffin notes, is the counterparty risk involved in contractual relationships between large organizations. He emphasizes the necessity for businesses to carry adequate insurance coverage, akin to traditional liability insurance. Griffin reflects on the market evolution where organizations now see the value in cyber insurance, which should ideally cover rare but high-impact events.
The episode also highlights the pivotal role of data in understanding and pricing cyber risks. Sean Martin brings attention to the collaboration between McGill Partners and HITRUST. HITRUST's extensive data on cybersecurity and privacy maturity provides Griffins' team with a strong foundation for tailored cyber insurance solutions. Griffin praises HITRUST’s reliable framework that has been in place since 2007-2008, saying it’s a key differentiator in the cyber insurance space.
Sean Martin also notes the ongoing evolution in how organizations approach cyber insurance. Historically, the market's response to cybersecurity certifications has been lukewarm, but there is a shift towards utilizing credible, respected frameworks in insurance solutions. HITRUST certifications, such as the R2 certification, now play a crucial role in demonstrating an organization's efforts to mitigate risk and are instrumental in securing favorable insurance terms.
Griffin further discusses the multifaceted stakeholders involved in procuring cyber insurance within organizations. He talks about the need for simplifying cyber risk management for different organizational roles, particularly the non-technical insurance buyers. Griffin emphasizes making the insurance process less intimidating by leveraging compliance and cybersecurity measures already in place.
Ryan Griffin underscores McGill Partners' mission to create a mature and sustainable risk pool, making cyber insurance predictable and reliable for their clients. The collaboration with HITRUST showcases a tangible effort towards improving trust and efficiency in the cyber insurance market. With accurate, trustworthy data, McGill Partners is dedicated to reducing insurance barriers and ensuring organizations are well-prepared to meet their cyber risk management needs.
Learn more about McGill and Partners: https://itspm.ag/mcgill-and-partners-o89w
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Guest: Ryan Griffin, Partner, McGill and Partners
On LinkedIn | https://www.linkedin.com/in/ryanpgriffin/
